Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

April 20, 2021

Non-consolidated Financial Results
for the Six Months Ended March 31, 2021
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

Makuake, Inc.
Tokyo Stock Exchange4479
http://www.makuake.com/
Ryotaro Nakayama, CEO
Yuki Tamura, Corporate Officer and General Manager of Business ManagementDivisionTEL:+81-3-6328-4038 (from overseas)
Scheduled date to file quarterly securities report:
April 21, 2021
Scheduled date to commence dividend payments:–
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the six months ended March 31, 2021
(from October 1, 2020 to March 31, 2021)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Six months ended
March 31, 2021
March 31, 2020

Operating profit

Millions of yen

2,100
1,122

% Millions of yen

87.2–

Basic earnings pershare
Six months ended
March 31, 2021
March 31, 2020

Ordinary profit

Yen

3.44
15.24

63239

% Millions of yen(73.6)–62240

Profit% Millions of yen(73.9)–

40
164%(75.4)–

Diluted earnings pershare
Yen

3.27
14.14

Notes: 1. As the Company has not prepared quarterly financial statements for the six months ended March 31, 2019, thepercentage indicating year-on-year changes is not shown for the six months ended March 31, 2020.
2. For the diluted earnings per share for the six months ended March 31, 2020, because the Company’s shares werelisted on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculated using
the average share price from the date the shares were newly listed to the end of the quarter under review as theaverage share price for the period.

(2) Financial position
Total assets
As ofMarch 31, 2021
September 30, 2020
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

9,837
6,173

6,618
2,673

67.1
43.1

EquityAs of March 31, 2021
As of September 30, 2020

¥6,597 million¥2,662 million

2. Cash dividends
Annual dividends
Firstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2020
Fiscal year ending
September 30, 2021

Thirdquarter-end

Yen–

0.00

–0.00

Fiscal year-end

Yen

Fiscal year ending
September 30, 2021 (Forecast)

Total

Yen

Yen

–

0.00

0.00

–

0.00

0.00

Note: Revisions to the cash dividend forecasts most recently announced: None

3. Earnings forecasts for the fiscal year ending September 30, 2021
(from October 1, 2020 to September 30, 2021)Net sales

Fiscal year ending
September 30, 2021

(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings pershare

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

5,172

60.4

620

21.5

617

20.6

450

21.8

38.61

Note: Revisions to the earnings forecasts most recently announced: None

* Notes(1) Application of special accounting treatments for the preparation of quarterly financial statements: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021

12,214,700 shares

As of September 30, 2020

11,667,700 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2021

24 shares

As of September 30, 202024 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended March 31, 2021

11,788,431 shares

For the six months ended March 31, 2020

10,806,244 shares* Quarterly financial results reports are exempt from quarterly review conducted by an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not purport that the Company pledges to realize such statements. Actual businessand other results may differ substantially due to various factors.

Makuake, Inc. (4479)

Attached materials
Index
1. Qualitative information on quarterly financial results .............................................................................. 2(1) Information on operating results ........................................................................................................ 2(2) Information on financial position ....................................................................................................... 2(3) Explanation of cash flows .................................................................................................................. 3(4) Explanation of forward-looking information including earnings forecasts ........................................ 3
2. Quarterly financial statements and significant notes thereto .................................................................... 4(1) Quarterly balance sheet ...................................................................................................................... 4(2) Quarterly statement of income ........................................................................................................... 5(3) Quarterly statement of cash flows ...................................................................................................... 6(4) Notes to quarterly financial statements .............................................................................................. 7
Notes on premise of going concern .................................................................................................... 7
Notes on significant changes in the amount of shareholders’ equity .................................................. 7Segment information .......................................................................................................................... 7-1-Makuake, Inc. (4479)

1. Qualitative information on quarterly financial results(1) Information on operating results
The forward-looking statements in this report were prepared based on information available as of theend of the quarter under review.
Based on its vision of “Create a world where all the good things are born, spread, and continue toexist,” the mission of Makuake, Inc. (the “Company”) is to “Connect the world through the creation ofnew things.” We operate the “Makuake” platform to connect business operators who want to create andspread new things with consumers who wish to find new items that fit their own tastes and preferences.
The first six months of the fiscal year ending September 30, 2021, saw a continuation of the difficult
conditions caused by the effects of the novel coronavirus disease (COVID-19), but the Japanese
economy is expected to follow a path of recovery, as measures to prevent the spread of COVID-19 arebeing taken in Japan and overseas. However, we must pay close attention to the risk of global economic
decline caused by future changes in the spread of infection, and the future remains uncertain.
The business environment for the Company is affected by multiple markets, including the new productoffline debut market, the e-commerce market for debuting new products, and the e-commerce market
for pre-ordering new services. We believe that the e-commerce market for debuting new products andservices has extraordinarily high growth potential.
Under these conditions, the Company is accelerating innovation in its previous business model, helpedby the tailwind of the digital transformation of Japanese society, providing a place for business
operators (project owners) to debut new products and services online for test marketing and PR prior tomass production. In this way the Company continues to provide support for the introduction to theworld, in a way that was difficult under the primarily off-line business models of the past, of products
and services that use wonderful technology and ideas.
In addition, we are providing to consumers (project supporters), and spreading awareness of, a newform of consumption called “support purchases.” This provides consumers with something that could
not be experienced in the past, namely a sense of specialness that is derived from being able to acquire
products that fit their own tastes and preferences before anybody else as well as a sense ofconnectedness with business operators (project owners), and that allows them to enjoy the sense of trustand expectation that comes from knowing the story behind the product being created.
In the period under review, using the quality assurance system that we focused on and strengthened in
the first quarter as a foundation, we worked on measures to grow total support purchase value.
Specifically, we made efforts to grow the number of projects posted and expand the number of uniqueusers and the number of support purchases by increasing our exposure by showing televisioncommercials and television programs, etc., and by rolling out strengthened recommendation and otherfunctions on Makuake.
As a result, for the period under review, the Company recorded net sales of ¥2,100,387 thousand (up87.2% year on year), operating profit of ¥63,362 thousand (down 73.6% YoY), ordinary profit of¥62,911 thousand (down 73.9% YoY) and profit of ¥40,597 thousand (down 75.4% YoY).
As the Company consists of a single business segment, the Makuake service, a platform for people tomake support purchases of new things and experiences, information by segment is omitted.
(2) Information on financial position
AssetsAt the end of the quarter under review, total assets increased by ¥3,663,723 thousand from the previous
fiscal year-end to ¥9,837,169 thousand.
Current assets increased by ¥3,396,672 thousand to ¥9,044,510 thousand. The main components
included an increase of ¥3,384,347 thousand in cash and deposits.
Non-current assets increased by ¥253,260 thousand to ¥766,528 thousand. The main components
included an increase of ¥126,994 thousand in investments and other assets.

-2-Makuake, Inc. (4479)

Liabilities
At the end of the quarter under review, liabilities decreased by ¥281,303 thousand from the previous
fiscal year-end to ¥3,219,125 thousand.
Current liabilities decreased by ¥287,983 thousand to ¥3,184,109 thousand. This was due mainly to
accounts payable - other included in other decreasing by ¥336,320 thousand.
Non-current liabilities increased by ¥6,680 thousand to ¥35,016 thousand. This was due to an increaseof ¥6,680 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets increased by ¥3,945,026 thousand from the previous
fiscal year-end to ¥6,618,044 thousand. The main components of this were increases in share capitaland capital surplus of ¥1,946,970 thousand each as a result of the issuance of new shares through aninternational offering, among other factors, and an increase of ¥40,597 thousand in retained earnings
due to the recording of profit.
(3) Explanation of cash flows
The balance of cash and cash equivalents (“cash”) at the end of the period under review, increased by¥3,384,347 thousand compared with the previous fiscal year-end, to ¥8,493,699 thousand. The
respective cash flow positions and the factors contributing thereto in the period under review are asfollows.
Cash flows from operating activities
Net cash used in operating activities was ¥200,286 thousand (¥725,433 thousand was provided in thesame period of the previous fiscal year). This was primarily due to a decrease in accounts payable other of ¥314,125 thousand.
Cash flows from investing activities
Net cash used in investing activities was ¥293,512 thousand (¥100,642 thousand was used in the same
period of the previous fiscal year). This was primarily due to purchase of intangible assets of ¥140,121
thousand.
Cash flows from financing activities
Net cash provided by financing activities was ¥3,876,335 thousand (¥1,879,914 thousand was provided
in the same period of the previous fiscal year). This was due to proceeds from issuance of shares of¥3,876,335 thousand.
(4) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2021 from theforecasts announced on October 27, 2020.

-3-Makuake, Inc. (4479)

2. Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2020
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assets
Total assets
Liabilities
Current liabilities
Income taxes payable
Deposits received
Other
Total current liabilities
Non-current liabilities
Provision for continuous services benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-4-

As of March 31, 2021

5,109,351
530,318
15,164(6,996)
5,647,838

8,493,699
442,506
115,301(6,996)
9,044,510

46,969356,458

49,361
480,332

117,376(7,537)
109,839513,267
12,3406,173,446

244,370(7,537)
236,833
766,528
26,131
9,837,169

155,480
2,345,603
971,008
3,472,093

46,796
2,581,817
555,495
3,184,109

28,33628,3363,500,429

35,01635,016
3,219,125

1,136,847
1,136,847
388,949(115)
2,662,529
10,4882,673,017
6,173,446

3,083,817
3,083,817
429,547(115)
6,597,067
20,976
6,618,044
9,837,169

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)Six months ended
March 31, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Lecture fees and other income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Amortization of share issuance costs
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-5-

Six months ended
March 31, 2021

1,122,081
221,016
901,064
661,196
239,868

2,100,387
361,654
1,738,733
1,675,370
63,362

2,427
205
2,633

3,344
19
3,364

111
1,700
1,811
240,690
240,690
78,067(2,103)75,963
164,727

–
3,815
3,815
62,911
62,911
25,206(2,891)
22,31440,597

Makuake, Inc. (4479)(3) Quarterly statement of cash flows(Thousands of yen)Six months ended
March 31, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in allowance for doubtful
accounts
Increase (decrease) provision for continuous services
benefits
Interest expenses
Amortization of share issuance costs
Decrease (increase) in trade receivables
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of leasehold and guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares
Repayments of short-term borrowings
Repayments of long-term borrowings
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting frommerger
Cash and cash equivalents at end of period-6-

Six months ended
March 31, 2021

240,690
27,773–62,911
43,671
666

3,426

–

7,452

6,680

111
1,700
(84,635)
71,141(17,338)
457,014
37,694
5,559
750,590(97)(25,049)–
725,443–
3,815
87,812(314,125)(25,552)
236,213(79,192)(86,928)(64,029)–(136,405)
148(200,286)(503)(90,137)(10,001)–(100,642)(7,678)(140,121)(83,176)(62,536)(293,512)

1,957,414(50,000)(27,500)
1,879,914
2,504,714
879,340

3,876,335––
3,876,335
3,382,537
5,109,351

–

1,810

3,384,054

8,493,699

Makuake, Inc. (4479)(4) Notes to quarterly financial statements
Notes on premise of going concern
No applicable items.
Notes on significant changes in the amount of shareholders’ equity
Due to the issuance of 1,000 new shares as restricted share-based remuneration with a payment date ofJanuary 22, 2021, share capital and capital surplus each increased by ¥4,440 thousand. In addition, due
to the issuance of 500,000 new shares through an international offering with a payment date ofFebruary 24, 2021, share capital and capital surplus each increased by ¥1,937,792 thousand.
The exercise of share acquisition rights resulted in share capital and capital surplus increasing by¥4,120 thousand each.
As a result, at the end of the quarter under review, share capital came to ¥3,083,817 thousand, andcapital surplus was ¥3,083,817 thousand.
Segment information
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, this information is omitted.

-7-